Dubai's Shaikhani posts $8.1m property sales at Cityscape

Shaikhani Group, the company behind projects worth AED3.5 billion ($950 million) that are in various stages of development in Dubai, has said it secured AED30 million worth of sales during the Cityscape Global exhibition.

"We received more than 4,500 sales inquiries at our stand during the three-day event that resulted in AED30 million worth of direct sales," said Mahmood Shaikhani, managing director, in a statement.

"We were overwhelmed with price and sales inquiries, despite what is perceived to be a depressed market condition. However, our experience has been the opposite. All our sales team members were busy in attending brokers and serious buyers."

"This reflects that there are enough buyers for the right product, right location and that is offered with the right payment plan."

The developer had earlier announced a major foray in Dubai's property market with the execution of 11 real estate projects.

Of these, the company is in advanced stage of completion of AED1.5 billion worth of projects involving 1,250 units while the rest are at the beginning of the development cycle that are expected to be completed by 2020.

Four of these projects will be located at the Jumeirah Village Circle while one in Arjan at Dubailand.

"We have already started works on the first of the six towers and will start working on the rest of the projects," Shaikhani said. "Two of the three projects in JVC will be the next two phases of Gardenia Residency and one will be a high-rise tower. The fourth project will come up in Arjan in Dubailand."

He added: "The projects will be financed by our own resources that include the cash flow being generated from the handing over of the existing projects. We will hand over four projects this year and one next year - that will complete our existing six projects that are being completed and handed over to property buyers."